PokerStars Deal for New Jersey Casino Dead

After reports yesterday that PokerStars missed a key conditional deadline in its pending deal to purchase the Atlantic Club Casino, word today from the ACC indicates the deal is dead – at least for now.The story was first reported by John Brennan:Excerpt from a statement by Atlantic Club Casino COO Michael Frawley:There has been no confirmation or statement from PokerStars.Timeline of PokerStars’ attempt to purchase the ACCThe timeline of PokerStars’ (apparently failed) attempt to purchase the ACC is a strange one:
Dec 2012 – Reports emerge that PokerStars is in negotiations to purchase the ACC.
Jan 2013 – PokerStars confirms they have reached a conditional agreement to purchase the ACC.
Jan 2013 – Reports from several sources indicate that PokerStars filed their application for an Interim Casino Authorization license with NJ state officials at the end of December. The filing of the application would trigger a 90-day review window.
March 2013 – AGA files a brief opposing PokerStars’ interim application. PokerStars files a brief in response.
March 2013 – PokerStars asserts that Caesars had offered to sell them the Rio and the WSOP.
March 2013 – Reports reveal that PokerStars’ Interim Authorization application – thought to be already filed – is actually not complete.
April 2013 – PokerStars actually completes the Interim Authorization application. No word on what caused the delay.
April 2013 – The WSJ reports that PokerStars’ deal for the ACC has “expired without a new contract in place, according to people familiar with the matter”. The expiration was due to a condition in the contract that required PokerStars to have secured the Interim Authorization by April 24th.
April 2013 – The ACC announces the contract to purchase has been terminated.Deal “really” dead? PokerStars done in NJ?While certainly not a positive development for those who wish to see PokerStars operating in New Jersey, the news is hardly a death knell for the site’s chances to be a part of regulated online gambling in the state.For example, this news could simply be part of a negotiating ploy on the part of the Atlantic Club Casino. It’s also possible that PokerStars could participate in the state as a software provider in partnership with a licensed operator, a role that does not require ownership of a land-based casino. Finally, PokerStars could always seek to purchase another NJ property, although the list of bargain-priced gambling halls looks pretty thin after the ACC.Not everyone is certain that the deal has completely fallen through. Howard Stutz of the LVRJ tweeted these responses to the news:… and in a story on NJ.com that preceded Brennan’s, online gambling proponent State Sen. Raymond Lesniack said:Again, note that Lesniack’s comments were in response to the WSJ story about the missed deadline, not Brennan’s report that the deal is dead.I will update this story as events warrant.